More Borrowing: Parliament approves controversial $1 billion Eurobond

This means that Finance Minister Seth Terkper is now at liberty to issue the fourth Eurobond in fourth Eurobond in three years coming just fourth month after the country's last $1 billion Eurobond which came at record- high interest rate of 10.75%

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The parliament of Republic has eventually approved Ghana's next $1 billion sovereign Eurobond.

This means that Finance Minister Seth Terkper is now at liberty to issue the fourth Eurobond in three years coming just four months after the country's last $1 billion Eurobond which came at record- high interest rate of 10.75%

Though the minority in parliament raised concerns over what they described as poor economic management by government, the house approved a sovereign guarantee for the Eurobond through a voice vote.

The Minority MPs said they do not want to be a part of unwarranted government borrowing, characterized by excessive domestic loans.

The Eurobond approval process which started on Tuesday  but ended on a controversial note where the minority were up in arms over the Deputy Speaker, Barton Oduro's annulment of the vote count they had done which rejected the Eurobond with a 67 to the majority's 66.

The motion by the Finance Minister, Seth Terkper, seeking parliamentary approval to borrow from the international market lost by one vote.

Ebo Barton-Odro, First Deputy Speaker, announced that the number of Parliamentarians present in the House, i.e. 133, does not meet the requirement to take a decision on a matter.

The motion was subsequently tabled for debate on Wednesday.

Seth Terkper says the entire one billion dollar Eurobond would be used for refinancing Ghana's short-term debts.

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